An insurance broker is a specialist in insurance protection, is independent and has invaluable know-how of the insurance market as well as access to the most reputable insurers available to provide professional and objective advice on identifying and exposing risks and recommend the most cost effective solutions. Brokers protect you against dreadful consequences and costly mistakes through right advice.

An insurance broker offers a range of services from arranging like new covers, insurance quotes, renewals and assists on claims. Brokers also cover all classes of insurance business be it Personal Lines to Commercial Lines, Marine or Aviation. The broker forms an ongoing relationship with you to acquire all the knowledge required to provide a better service to you.

Both are insurance intermediaries, but there is a big difference between the two. An insurance agent acts on behalf of one or more insurance companies and can only access the products offered by the insurers the agent represents. An insurance broker is a full-time insurance professional, who works for you and acts on your behalf. The broker is independent, obliged to act in your best interests and can arrange the best protection for you at a competitive rate.

Brokers give advice and assist you in compiling and submitting your claim to the insurer. They arrange for a claim form to be completed by you, monitor the claim process and liaise between you and the insurer to bring it to a successful resolution.

Insurance brokers require a licence to transact insurance broking. The Insurance and Pensions Commission (IPEC) is a statutory body that was created through an Act of Parliament – the Insurance and Pensions Commission Act [Chapter 24:21] to regulate the insurance and pensions industry in Zimbabwe. The Commission’s principal function is to protect the interests, rights and benefits of insurance and pension consumers (policyholders and fund members) and to ensure that there is general stability of the insurance and pensions industry.

Risk management is the act of identifying and solving potential risks. A risk is defined as anything that has the potential to negatively affect a business or organization. Risk management is used by organizations and businesses to assess problems that either have or will occur. After the risks, the business or organization then takes steps to reduce the risk or eliminate it completely. Insurance brokers also provide these services to clients to help them reduce risks for their businesses.

Motor vehicles depreciate and the value of cars is constantly changing. It is your responsibility to ensure that the sum insured reflects the current market value and provide us with this. It is in your interest as in the event of a total loss claim you will be paid up to the current market value of your car.

Travel insurance policy does not just cover various risks during your trip overseas but also offers cover against Cancellation and Curtailment Charges. Therefore to enjoy the full benefits of the policy it is advisable that you take out the insurance immediately when you pay for your flights, etc

Pre-existing condition is a medical condition that started before a person's health benefits went into effect. A pre-existing condition may affect your health insurance coverage. Most companies will not cover such conditions whilst others may exceptionally accept you conditionally by providing a pre-existing condition exclusion period.

Third party liability insurance is important for those who have assets that need to be protected. Third-party liability coverage comes bundled into most homeowners, renters, and business policies and is usually required as part of your car insurance policy.

In the event of over insurance Insurers will pay for the reinstatement or replacement of the property with new property of the same kind or type but not superior to the property the insured had before the loss. In the event of underinsurance claims will be paid proportionately to the amount of under-insurance.

Warranties are conditions set on the policy and should be strictly complied with by the client. Failure to do so gives the insurer absolute right to cancel or repudiate liability.

The Insurance Act requires premiums to be paid up front. However your broker can assist you pay premium in instalments by arranging / negotiating with the insurer.

In order to avoid costly settlement of petty losses like dents, scratches, loss of mirrors etc..; for example on motor vehicles insurers use an excess which is a percentage of each loss that is not covered by the policy. This will also encourage you to be more careful as you will be your own insurer for the excess portion.

The insurer computes and pay refund premium for the underutilized period subject to the policy terms if there has not been a claim.

No You cannot get a refund because you will have enjoyed policy protection for the whole insurance period.

Measures can range from the installation of fire or intruder alarms to having adequate contingency plans in place. Safety and health audits are other measures that can mitigate risk.

You need to mention your vehicle number, insurance policy number, date of accident, time of accident, place of accident and how does that accident accrued with your name, contact address and contact number in the claim intimation letter.